Vital Parameter Monitoring Devices And Equipment Market:
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The vital parameter monitoring devices and equipment market consists of sales of vital parameter monitoring devices and equipment and related services. Vital parameter monitoring devices are used to monitor critical parameters such as blood pressure, heart rate, and other physiological parameters.
The global vital parameter monitoring devices and equipment market is expected to grow from $6.5 billion in 2019 to $7.3 billion in 2020 at a compound annual growth rate (CAGR) of 12.7%. The growth can be contributed to the expanded use of certain remote monitoring devices such as temperature monitoring devices for patient monitoring during COVID-19 pandemic. FDA has given clearance to some of the noninvasive remote monitoring devices (including body temperature monitors, continuous glucose monitors) that are used to support patient monitoring, considering public health emergency, without prior submission of a premarket notification. The quick approvals and the use of temperature monitoring devices at hospitals, home and different locations where there is mass gathering, is certain to contribute to rapid growth of this market. The market is then expected to grow at a CAGR of 6.3% from 2021 and reach $8.7 billion in 2023.
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North America was the largest region in the vital parameter monitoring devices and equipment market in 2018. This region is expected to remain the largest during the next five years. The vital parameter monitoring devices and equipment market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
Increase in geriatric population globally is driving the vital parameter monitoring devices and equipment market. Old people are more prone to medical conditions and diseases and require monitoring of vital health parameters. According to the United Nations World Population Prospects, in 2017, geriatric population was estimated to be around 962 million and is expected to increase to 2.1 billion globally by 2050. The increasing number of old age patients seeking treatments and surgeries is contributing to market growth.
The security concerns related to wireless vital parameter monitoring devices are acting as a restraint on the vital parameter monitoring devices and equipment market. Medical devices with features like wireless connectivity, remote monitoring, and near-field communication allow health professionals to monitor vital parameters like electrocardiogram (ECG), blood pressure (BP) and temperature from anywhere with convenience. These devices are connected to a broad network via IoT, making them potential entry points to larger hospital networks. This connectivity could be used by hackers to mount a ransomware attack against a large hospital and can hold the vital systems of the hospital in hostage, or breach sensitive medical records. The medical data obtained in these types of attacks can be used for malicious activities like tax fraud or identity theft, and can even be used to track active drug prescriptions. According to a survey by Trend Micro in 2017, there are more than 36,000 healthcare-related devices in the USA which are easily discoverable on Shodan, a search engine for connected devices.
Vital parameter monitoring devices and equipment companies are increasingly investing in the research and development of wearable health devices (WHDs). WHDs are smart electronic devices that can be worn by a consumer and are capable of tracking information related to health and fitness. These devices facilitate better monitoring of health and can help in early diagnosis and guidance from doctors. For instance, the ViSi Mobile developed by Sotera Wireless is a wearable device that can provide many vital parameters such as heart rate, respiration rate, oxygen saturation, pulse rate, etc. VitalTag is another wearable device developed as part of Department of Homeland Security Science and Technology Directorate program to detect and monitor heart rate, blood oxygen levels, body temperature, and blood pressure. Current Health recently got an FDA approval for an artificial intelligence-powered wearable device that monitors patient vital signs at the hospital and at home.
Vital parameter monitoring devices and equipment manufacturers are governed by various quality and safety regulations. For instance, in the USA, the Food and Drug Administration’s 510 (k) regulation for safety and effectiveness of vital parameter monitoring devices and equipment states that the device should be tested non-clinically for electrical safety, electromagnetic compatibility. Vital parameter monitoring devices and equipment are classified as class II under title 21, parts 800 to 898 by FDA. Class II devices are the medical devices having moderate risk.
Major players in the market are Welch Allyn (Hill-Rom Holdings), SunTech Medical (Halma plc), Masimo Corporation, General Electric Company and Medtronic plc.
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